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Texas Insurance Code - INS § 422.053. Claimant Lien on Certain Assets

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A person, corporation, association, governmental entity, or any other legal entity that accepts as security for an insurer's debt or other obligation a pledge or encumbrance of an asset of the insurer that is not made in accordance with this chapter is considered to have accepted the asset subject to a superior, preferential, and automatically perfected lien in favor of a claimant of the insurer.

(b) Subsection (a) does not apply to:

(1) an asset of an insurer in conservatorship or receivership if the commissioner in the conservatorship proceeding, or the court in which the receivership is pending, approves the pledge or encumbrance of the asset;  or

(2) a pledge or encumbrance of an asset permitted in a transaction approved by the commissioner under Section 1152.055.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 422.053. Claimant Lien on Certain Assets - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-422-053/

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